SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934

 

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2004

Commission File Number 1-134

 

CURTISS-WRIGHT CORPORATION

(Exact name of Registrant as specified in its charter)

 

 

(973) 597-4700

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.

 

Yes  ý          No   o

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

 

Yes  ý          No   o

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Common Stock, par value $1.00 per share: 12,604,573 shares (as of July 31, 2004).

Class B Common Stock, par value $1.00 per share: 8,764,246 shares (as of July 31, 2004).

 

 

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

 

TABLE of CONTENTS

 

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements:
	Consolidated Statements of Earnings
	Consolidated Balance Sheets
	Consolidated Statements of Cash Flows
	Consolidated Statements of Stockholders’ Equity
	Notes to Consolidated Financial Statements
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.	Quantitative and Qualitative Disclosures about Market Risk
Item 4.	Controls and Procedures
	Forward-Looking Information
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings
Item 4.	Submission of Matters to a Vote of Security Holders
Item 6.	Exhibits and Reports on Form 8-K
Signature

 

2

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

 

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(UNAUDITED)

(In thousands except per share data)

 

 

		Three Months Ended June 30,						Six Months Ended June 30,
		2004			2003			2004			2003
Net sales		$	222,428		$	182,857		$	437,361		$	362,790
Cost of sales		146,406			126,175			289,744			247,076
Gross profit		76,022			56,682			147,617			115,714
Research and development expenses		7,754			5,772			15,966			11,077
Selling expenses		14,743			10,307			27,347			19,275
General and administrative expenses		27,789			23,166			53,038			44,580
Environmental remediation and administrative expenses		51			—			291			—
Pension expense (income), net		42			(528		)	82			(1,053		)
Operating income		25,643			17,965			50,893			41,835
Other income (expense), net		293			515			(196		)	273
Interest expense		(3,018		)	(942		)	(5,283		)	(1,793		)
Earnings before income taxes		22,918			17,538			45,414			40,315
Provision for income taxes		8,594			6,665			15,481			15,320
Net earnings		$	14,324		$	10,873		$	29,933		$	24,995
Basic earnings per share		$	0.68		$	0.53		$	1.42		$	1.21
Diluted earnings per share		$	0.67		$	0.52		$	1.40		$	1.20
Dividends per share		$	0.09		$	0.08		$	0.18		$	0.15
Weighted average shares outstanding:
Basic		21,136			20,602			21,013			20,584
Diluted		21,460			20,862			21,330			20,834

 

See notes to consolidated financial statements

 

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands)

 

		June 30, 2004			December 31, 2003
Assets
Current Assets:
Cash and cash equivalents		$	36,830		$	98,672
Receivables, net		174,538			143,362
Inventories, net		114,769